Integrated Reporting

Integrated reporting


For 100 years, we’ve been in the business of protecting South Africa’s most important assets and valuables.

From day one, we’ve looked beyond the facts in front of us and thought about the lives that lie behind them. It’s this thinking that separated us back then. It continues to separate us from the rest now, and is what will separate us, always.

Two world wars, the Great Depression, the first man on the moon, the first heart transplant, hurricanes Katrina and Harvey, industrial and digital revolutions, and the rise of our international icon – Madiba.

We’ve been there through it all, always there providing the nation with an unwavering commitment that’s stood the test of time, trust delivered through excellence and uncompromised integrity. It’s why when things go wrong, our clients know they’re with the insurer that’s always there to make it right. It’s what helped us become South Africa’s leading short-term insurer. An insurer that’s invested in its people, its intermediaries, business partners, its country and the continent. Always striving to innovate, improve and do things the good and proper way.

While in the last century others have come and gone, we were always looking for reasons to settle claims, rather than not to. Saying, “We understand,” not saying, “Life happens,” acting with care, with compassion and integrity.

We don’t talk the talk, we walk the walk, we make news that makes others talk…about the partnerships we make that build stronger communities and lessen risk.
Partnerships that make tangible differences in the lives of our clients, and intermediaries, partnerships that count, ones that can be seen, ones that can’t be missed. We know that we’re living in interesting times, the rest of the world is too. We’re building a bond with our clients the way we did back then, and the way we’ll always continue to do.

We walk a mile in a client’s shoes and then another after that. We create the best solutions for them, solutions that will make us stand out as leaders in the industry, and then… we commit. And leave them happy, leave them protected, leave them safe… Because that’s how we do it.

Celebrating 100 years

For the past 100 years, Santam has been the insurer of choice for millions of South Africans. We have remained at the cutting edge of general insurance locally and, more recently, in emerging markets worldwide.

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About this report

Santam, South Africa’s largest general insurer, reported solid underwriting results and strong growth for the year ended 31 December 2017. Within the context of a tough trading environment for short-term insurers, the group reported excellent double-digit gross written premium growth of 15% and a solid net underwriting margin of 6.0%, which is well within the target range of 4% to 8%.

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Material matters and key future drivers

Santam has set an ambitious target in Vision 2020: to be the leading general insurer in selected emerging markets.

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The six capitals

Insurance companies have the potential to positively impact all six capitals – the stocks of value that are affected or transformed by business activities and outputs. 

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Group at a glance

Santam is a multinational general insurance group that writes insurance business in South Africa, Africa, India, Asia and other emerging markets. It is the leading general insurer in South Africa and has a market sgrouphare of more than 22%.

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The role of insurance in society

Globally, the past year was dominated by headlines about catastrophe events – devastating wildfires, hurricanes, floods, and large commercial and corporate fires. 

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Strategy review

Santam conducted a competitive landscape mapping exercise in 2017. The insights produced were checked against the Vision 2020 strategic focus areas and no material gaps were found. 

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Chief Executive Officer's report

As we celebrate 100 years – and look forward to the next 100 – the core of our business remains unchanged. How we deliver our service, how we assess risks and the scope of disasters will change, but the core function of pooling risks will remain the same. The past year is proof of the positive impact that Santam can have when unexpected and sometimes devastating events affect communities and individuals. I am proud to say that Santam employees went the extra mile to assist clients in challenging conditions.

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Chief financial officer's report

The Santam group reported excellent growth of 15%, and delivered a solid underwriting result under difficult circumstances.

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